STOCKS GO NOWHERE: Here's what you need to know

Stocks were mixed on Wednesday. They jumped after the Federal
Reserve published the minutes of its most recent policy meeting.
The S&P 500 crossed its intra-day high and the Dow came
within one point of a record, but there was a slide into the
close.

First, the scoreboard:

Dow: 18,285.40, -26.99, (-0.15%)

S&P
500:2,125.85, -1.98,
(-0.09%)

Nasdaq:5,071.74,
+1.71, (0.03%)

And now, the
top stories on Wednesday:

The Federal Reserve will probably not raise rates in June.
The Fed is on the verge of losing its patience, but economic
data is not strong enough to justify a rate hike just yet.
Here's the key portion from the minutes of the April
28-29 meeting: "A few anticipated that the information
that would accrue by the time of the June meeting would likely
indicate sufficient improvement in the economic outlook to lead
the Committee to judge that its conditions for beginning policy
firming had been met. Many participants, however, thought it
unlikely that the data available in June would provide
sufficient confirmation that the conditions for raising the
target range for the federal funds rate had been satisfied,
although they generally did not rule out this possibility."

In addition, the Fed noted that the factors holding back
the economy during the first quarter were transitory, meaning
that they will pass with time. Most economists on Wall
Street expect the Fed to raise rates in September or December,
with some saying the Fed won't raise rates until March 2016;
others have argued that the Fed has a window to act now.

Six Wall Street banks have agreed to pay combined fines of $5.8
billion in connection with the 2008 LIBOR currency
market and interest rate rigging scandal. According to the
Justice Department, some of the banks colluded to set the
benchmark LIBOR rate used across London. Barclays is paying the
most: $2.4 billion. UBS, Citi, JPMorgan, Royal Bank of
Scotland, and Bank of America were also slapped with
fines.

Crude oil inventories fell for a third straight week. Data
from the Energy Information Administration showed that
commercial crude inventories fell by 2.7 million barrels in the
week ended May 15. Inventories fell by 2.19
million barrels in the prior week. This week's decline
brought the total to 482 million barrels, still an 80-year
high.

Etsy
shares tumbled more than 24% after the company reported
earnings on Wednesday. The Brooklyn-based online craft
marketplace reported a net loss per share of 84¢, and sales of
$58.5 million (vs $58 expected.) Etsy saw a massive 87.5% jump
in shares on April 16, its first day of trading. The company
said the strong dollar could hurt foreign sales. Analysts at
Wedbush reiterated their "Underperform" rating on concern that
many Etsy listings have copyright issues.

American Eagle shares rallied up to 5% after a big beat on
earnings with strong sales. It posted earnings per diluted
share of $0.15, up from $0.02 in the prior year quarter, and
better than expectations for earnings of $0.12. Sales came in
at $700 million (up 8%) versus $691.5 million expected. Other
retailers including Urban Outfitters, Macy's and JCPenney
posted earnings below analyst expectations. In the crowded
market for teen apparel, the company has a leading position,
according to B.Riley.